Elon Musk's groundbreaking startup, Xai, aims to shake up the AI landscape and challenge industry giants like OpenAI. Musk is forging a path towards a safer and more human-centric Artificial Intelligence. In a twitter spaces event, Musk unveiled his audacious plan to build a morally conscious AI.

From Tesla to Xai: Elon Musk's AI-volution continues | World Business Watch

Looks like Asia Pacific markets are on a rise, tracking moves on the Wall Street as US market snapped a three-day losing streak on Monday. Overnight in the United States the gains added 0.62%.

Asian markets snap losing streak | US markets continue bull run | World Business Watch

The Chinese stock market is bracing for a potential shockwave. That's not because of the slower-than-expected post-Covid recovery. But because billions locked up in stocks-linked funds are about to mature after 3 years. In the coming days, about 28 billion dollars in funds will be freed and analysts feel that investors will be keen to move their money away from equities.

Huge selloff expected in Chinese stocks amid uncertain economy

As the dust settles on the three-year tussle between the Chinese government and Jack Ma, it becomes clear just how costly this conflict has been for Ma's companies, Ant Group and Alibaba group holding ltd. The Chinese authorities imposed a hefty fine of nearly $1 billion on ant group, effectively ending their probe.

Jack Ma's clash: High cost for Ant Group & Alibaba

There's some good news for grounded Indian airline Go First. A Singapore arbitration court has ordered US engine maker Pratt & Whitney to deliver five engines per month between august and December 2023 to the budget airline.

Go First gets relief from Singapore arbitration court

In a bold move, Indian refiners have managed to save a staggering $7 billion in foreign exchange by ramping up their purchases of discounted Russian crude oil. As western buyers reduced imports from Russia due to the conflict in Ukraine, Moscow began offering attractive discounts on its crude. Indian refiners seized this opportunity, leading to remarkable savings.

Indian refiners save $7 bn on Russian crude | World Business Watch

<p>A recent report published by Oxfam and ActionAid shows that 722 of the world’s biggest corporations collectively earned more than $1 trillion in windfall profits each year since 2021. The massive boost in their revenues was supported by soaring energy prices and high-interest rates.&nbsp;</p>

<p>The 722 companies raked in $1.08 trillion in 2021 and $1.09 trillion last year in windfall profits even as billions of people across the globe struggle to access food and clean water. As per the analysis, the average annual earning of the companies was found to be 89 per cent higher than the average of the last four years covering 2017 to 2020.</p>

<p>Windfall profits are defined as those exceeding by 10 per cent the average profits in the last four years. Experts generally believe that windfall profits should be highly taxed by governments across the globe to divert resources where they are needed the most.</p>

<h2><strong>Who are the biggest beneficiaries?</strong></h2>

<p>The 722 corporations include those from the pharmaceutical and energy sectors to banks and food companies. The 45 energy companies, listed on the Forbes list of the 2,000 biggest companies, collectively raked in $237 billion in average windfall profits over the past two years. This massive wealth generation led to the creation of a total of 96 energy billionaires with a combined wealth of nearly $432 billion.</p>

<p><strong>Watch:&nbsp;US President Joe Biden compares oil firms to war profiteers, threatens windfall tax</strong></p>

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<p>Furthermore, 18 food and beverages companies made $14 billion a year in windfall profits in the last two years, 28 pharma companies made $47 billion a year and nine aerospace and defence corporations made $8 billion in windfall profits.</p>

<p>This was when above 250 million people across 58 nations suffered acute food insecurity and a high cost of living crisis.</p>

<h2><strong>‘Government needs to act’</strong></h2>

<p>Experts believe the greediness of global companies is leading to massive poverty and cost-of-living crisis across the globe, including the developed countries.</p>

<p>Katy Chakrabortty, Oxfam’s head of advocacy, said, “These eye-watering excess profits are not only immoral, but we are also seeing increasing evidence that a corporate bonanza is supercharging inflation, leaving millions of people in the UK and around the world struggling to pay their bills and feed their families.”&nbsp;</p>

<p><a href="https://www.wionews.com/world/windfall-of-war-energy-firms-report-bumper-profits-as-millions-continue-to-struggle-530281"><strong>Also read:&nbsp;'Windfall of war': Energy firms report bumper profits as millions continue to struggle</strong></a></p>

<p>“When the windfall profits of 18 food and beverage corporations are more than twice the amount needed to cover the shortfall in life-saving assistance to tens of millions of people facing hunger in East Africa, it is clear governments need to act,” she added.</p>

<p>“We need to see windfall taxes introduced across the board and an end to this racket, where rich shareholders are rewarded at the expense of everyone else,” Katy Chakrabortty demanded.</p>

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A recent report published by Oxfam and ActionAid shows that 722 of the world’s biggest corporations collectively earned more than $1 trillion in windfall profits each year since 2021.

A recent report published by Oxfam and ActionAid shows that 722 of the world’s biggest corporations collectively earned more than $1 trillion in windfall profits each year since 2021. The massive boost in their revenues was supported by soaring energy prices and high-interest rates. The 722 companies raked in $1.08 trillion in 2021 and $1.09 trillion last year in windfall profits even as billions of people across the globe struggle to access food and clean water. As per the analysis, the average annual earning of the companies was found to be 89 per cent higher than the average of the last four years covering 2017 to 2020. Windfall profits are defined as those exceeding by 10 per cent the average profits in the last four years. Experts generally believe that windfall profits should be highly taxed by governments across the globe to divert resources where they are needed the most. Who are the biggest beneficiaries? The 722 corporations include those from the pharmaceutical and energy sectors to banks and food companies. The 45 energy companies, listed on the Forbes list of the 2,000 biggest companies, collectively raked in $237 billion in average windfall profits over the past two years. This massive wealth generation led to the creation of a total of 96 energy billionaires with a combined wealth of nearly $432 billion. Watch: US President Joe Biden compares oil firms to war profiteers, threatens windfall tax × Furthermore, 18 food and beverages companies made $14 billion a year in windfall profits in the last two years, 28 pharma companies made $47 billion a year and nine aerospace and defence corporations made $8 billion in windfall profits. This was when above 250 million people across 58 nations suffered acute food insecurity and a high cost of living crisis. ‘Government needs to act’ Experts believe the greediness of global companies is leading to massive poverty and cost-of-living crisis across the globe, including the developed countries. Katy Chakrabortty, Oxfam’s head of advocacy, said, “These eye-watering excess profits are not only immoral, but we are also seeing increasing evidence that a corporate bonanza is supercharging inflation, leaving millions of people in the UK and around the world struggling to pay their bills and feed their families.” Also read: 'Windfall of war': Energy firms report bumper profits as millions continue to struggle “When the windfall profits of 18 food and beverage corporations are more than twice the amount needed to cover the shortfall in life-saving assistance to tens of millions of people facing hunger in East Africa, it is clear governments need to act,” she added. “We need to see windfall taxes introduced across the board and an end to this racket, where rich shareholders are rewarded at the expense of everyone else,” Katy Chakrabortty demanded. WATCH WION LIVE HERE ×

World’s 722 biggest companies earning trillions in windfall profits: Report

Twitter CEO Linda Yaccarino has defended Twitter's temporary cap on how many tweets one can read everyday. Yaccarino tweeted on Tuesday that the temporary daily cap on reading tweets is a part of several "big moves" that are needed to strengthen twitter. she also added that twitter's revamp is a meaningful and ongoing process.

Twitter CEO defends reading limit move | World Business Watch

Latest data suggests that the gap between rich and poor widened at the fastest pace between January and March 2023. The latest data highlights a significant increase in the wealth gap between the richest and poorest households. The wealth gap grew by 1.1 percentage points between January and March 2023 compared to the same period in 2022. That's the fastest increase since record-keeping began in 2010.

Canada wealth gap rose at highest pace in Q1 of 2023 | World Business Watch

Indian markets have extended their winning streak for the sixth straight session. It was another remarkable day as the bulls continue their unstoppable charge to defying gravity yet again, to scale to new record levels.

India: Sensex & Nifty gain for fifth session, foreign investors pick India for returns | World DNA

Denmark the Scandinavian nation was followed by Ireland and Switzerland this year's Global competitiveness index put Singapore in the fourth place while Rivals Taiwan and Hong Kong are in the sixth and seventh position Sweden the United States and the UAE complete the top 10 list two countries stand out in this year's list.

Why is Singapore declining as business hub?

In a major blow to India's leading startup, Byju's, renowned audit firm Deloitte has tendered its resignation as the company's statutory auditor. Deloitte cited significant delays in receiving financial statements and the lack of resolution regarding audit report modifications. In an issued statement, Deloitte said that due to such irregularities, they are unable to plan and complete the audit in accordance with the applicable auditing standards.

Deloitte resigns as Byju's auditor amid financial irregularities

It's a battle of billionaires in the world of satellite broadband, as Elon Musk's Starlink and Mukesh Ambani's reliance JIO go head-to-head for control over India's internet landscape. Musk's Starlink and Ambani's reliance JIO are at odds over the government's distribution of satellite broadband spectrum, setting the stage for a clash of titans in the world's most populous nation.

Musk's Starlink challenges Ambani's JIO in an epic tech tussle

PM Narendra Modi’s visit to the US has triggered investment announcements from major companies. Semiconductor toolmaker applied materials has set its sights on India, announcing a jaw-dropping investment of $400 million in the country's engineering sector. This decision follows a high-profile meeting between Indian Prime Minister Narendra Modi and applied materials' CEO, Gary Dickerson.

Applied materials invests $400 mn in India's engineering future

The Vice media's bankruptcy saga is drawing to a close. Media reports suggest that fortress investment group is all set to buy the bankrupt media company. Fortress, Vice's largest secured creditor, is leading the buyer's list. It is followed by Soros fund management and Monroe capital. All three have made a combined bid of 225 million dollar to take over the company. A bankruptcy judge will have to give a final approval to the deal.

Fortress-led group set to buy Vice Media

An economically struggling China is fast losing its sheen as a investment hub in the eyes of European companies and it is china's greater bay area that seems to be the biggest casualty. In a recent survey, only 44% of 75 European companies expressed optimism about the region's economic prospects. This was down from 68% last year.

European companies wary of China's economy

Singapore reported its eighth consecutive month of declining annual exports for the month of may. There are also reports indicating that the total employment growth has slowed and job vacancies have decreased for the fourth consecutive quarter, challenging Singapore's position as the most favourable job market for expats. The data coming in from Singapore over the last few months has raised concerns about the possibility of a recession in the country.

Singapore in a technical recession?

Seems like a mixed start for the Asian markets today mostly because of China's loan prime rate decision. Now, the Chinese Central Bank has cut some of its key lending rates to give its ailing rally sector boost.

Asia markets open mixed, consolidate after stellar rally | World Business Watch

Indian edtech giant Byju's has laid off nearly 1,000 employees across all the departments amid its tussle with lenders in the us for a 1 billion dollar term loan.

1,000 lose jobs at Indian edtech Byju's | World Business Watch

The CBDC or the Central Bank digital currency is all set to go global, thanks to the International Monetary Fund, which is working on a global platform for CBDC transactions. The IMF wants countries to agree on a common framework for digital currencies for easy global transactions.

IMF looking at global platform for digital currencies

The Bangladesh bank has raised interest rates, signaling a tight monetary policy for the first half of the new fiscal year. These measures come as Bangladesh faces inflationary pressures stemming from pandemic-related spending, surging commodity prices and a weaker taka currency. Consumer prices rose by 9.94% in may, surpassing the average inflation target of 6%.

Bangladesh bank raises interest rates | World Business Watch

Software giant oracle is the latest to join the job layoff bandwagon. reports suggest that the company has laid off hundreds of employees, withdrawn job offers and cut back open positions in its health unit.

Oracle lays off hundreds of employees in health unit | World Business News

Uber has taken a strategic decision to cease its food delivery operations in Italy and exit the Israeli market. The decision comes as uber aims to focus on markets where it can achieve sustainable growth, and establish a dominant presence.

Uber to shut down food delivery in Italy, exit Israel | World Business News

Federal prosecutors have made a surprising move in the case of alleged crypto fraudster Sam Bankman-Fried. Prosecutors are seeking to drop five charges against alleged crypto fraudster Sam Bankman-Fried. These charges, including bribery of a foreign government official, have come under scrutiny following a Bahamas court ruling.

Prosecutors move to remove five charges against Sam Bankman-Fried | World Business Watch

Tech giant Microsoft has just gotten bigger in terms of market valuation. Its shares rose straight to record-high on Thursday, all thanks to the market optimism around Artificial Intelligence.

AI: Microsoft's ticket to prosperity | World DNA

In a significant development, Canada has decided to suspend its involvement with the Asian infrastructure investment bank, also known as the AIIB. Finance Minister Chrystia Freeland made the announcement today, declaring an immediate halt to all government-led activities at the bank. This move comes as the Canadian government launches an investigation into alleged substantial interference from the Chinese government within the institution.

Canada pulls plug on AIIB, probes Chinese influence | World Business Watch

Tesla's stock market journey has captured the attention of investors and analysts alike. after an awe-inspiring 13-day winning streak, Tesla's remarkable rally finally met its match, ending on Wednesday. During this unprecedented run, tesla's stock skyrocketed, adding over $200 billion to its market value, a feat that few could have predicted.

Tesla’s impressive 13-day run comes to a halt

New Zealand's economy has taken a significant hit, entering a technical recession as its gross domestic product contracted for the second consecutive quarter. Government data shows that the country's gross domestic product contracted for the second consecutive quarter, with a 0.1% decline in the first quarter.

New Zealand enters recession | World Business Watch

In a bold departure from the norm, Zyus life sciences inc., a prominent cannabis oil company, is rewriting the playbook for going public by sidestepping the traditional IPO route, they've opted for a reverse takeover strategy. This strategic maneuver involves merging with a well-established crude producer, Phoenix Canada Oil co. ltd.

Cannabis oil company makes history with unconventional IPO route | World Business Watch

Oracle Cooperation has achieved a remarkable milestone, the company's cloud computing business is soaring to new heights. Oracle witnessed a 54% surge in cloud sales during its fiscal fourth quarter amounting to a staggering $4.4 billion.

Oracle's cloud kingdom ascends as sales surge

Are 'Net Zero' pledges by several companies just a hogwash? A recent report seems to suggest that. A report by experts from four top independent research organisations shows that companies talk about going "green" but have little or no plans to implement them. The net zero stocktake report says that the number of publicly listed corporations aiming for net zero increased from 417 to 929. However, unlike with national targets, the criteria for net-zero efforts at the company level aren't clearly defined.

Companies' 'Net Zero' policies a hogwash? | World Business Watch

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